218bhp Vs. GE Money (PPI Claim)

218bhp

5 years ago I had a secured loan from GE Money. I applied for the loan through a company called "Purple Loans" who appear to be just a broker offering GE Products. I had PPI on this and now believe it was mis-sold so am seeking to claim it all back.

I also had a DFS Sofa on finance with GE that had product insurance that was certainaly mis-sold by DFS who told me "buy this leather care kit and it comes with free product insurance". As this was a GE finance agreement, I hope to claim something on this as well as the loan PPI.

I sent my SAR request this afternoon.

I'll keep this thread updated accordingly for the benefit of others.

di3004

218bhp wrote: »

5 years ago I had a secured loan from GE Money. I applied for the loan through a company called "Purple Loans" who appear to be just a broker offering GE Products. I had PPI on this and now believe it was mis-sold so am seeking to claim it all back.

I also had a DFS Sofa on finance with GE that had product insurance that was certainaly mis-sold by DFS who told me "buy this leather care kit and it comes with free product insurance". As this was a GE finance agreement, I hope to claim something on this as well as the loan PPI.

I sent my SAR request this afternoon.

I'll keep this thread updated accordingly for the benefit of others.

Good luck and we look forward to hearing from you again.;)

218bhp

Royal Mail's website says my letter was delivered today - Therefore I should have something back by December 6th. Fingers crossed.

218bhp

Just 3 days after my letter to GE arrived with them, they've written to me thanking me for the SAR and saying they will happily comply and provide all information within the 40 day period.

So far, so good.

di3004

218bhp wrote: »

Just 3 days after my letter to GE arrived with them, they've written to me thanking me for the SAR and saying they will happily comply and provide all information within the 40 day period.

So far, so good.

Cool, fingers crossed hun.:beer:;)

margymuggins

218bhp wrote: »

Just 3 days after my letter to GE arrived with them, they've written to me thanking me for the SAR and saying they will happily comply and provide all information within the 40 day period.

So far, so good.

Hi seems ive actually found someone trying to claim from same company G E Money /Purple Loans as my self GE Money are not accepting my claim so hope you do better please keep me up to date with yours and good luck tomorrow im contacting the FOS as advised by this site so fingers crossed for me too try reading my posts see if anything in them resembles your predicament an let us know

218bhp

Whilst trawling through my statements online this evening, I've seen that my GE Money loan (as I remember it) started out as as "iGroup" loan - Well, thats who was taking the direct debit.

Does this mean any PPI claim would have to be made to iGroup? It seems that they are in the same location as GE Money but I dont remember how the loan went from being an iGroup loan to a GE Loan. The direct debit date and amount is identical so I presume GE took on the loan from them for some reason.

di3004

218bhp wrote: »

Whilst trawling through my statements online this evening, I've seen that my GE Money loan (as I remember it) started out as as "iGroup" loan - Well, thats who was taking the direct debit.

Does this mean any PPI claim would have to be made to iGroup? It seems that they are in the same location as GE Money but I dont remember how the loan went from being an iGroup loan to a GE Loan. The direct debit date and amount is identical so I presume GE took on the loan from them for some reason.

This can be rather confusing!
They are all linked together by the seems of it.
When you write to them, they should confirm whom you should write to in regards of PPI,(if for example if was not the correct one), but hopefully you got it right anyway, good luck.;)

margymuggins

218bhp wrote: »

Whilst trawling through my statements online this evening, I've seen that my GE Money loan (as I remember it) started out as as "iGroup" loan - Well, thats who was taking the direct debit.

Does this mean any PPI claim would have to be made to iGroup? It seems that they are in the same location as GE Money but I dont remember how the loan went from being an iGroup loan to a GE Loan. The direct debit date and amount is identical so I presume GE took on the loan from them for some reason.

hi mine's the same first national home finance then GE Money i wrote to them but they say they're not in the wrong they are a terrible co to contact and don't give straightforward answers BIGGEST REGRET GOING WITH THEM I do wish you luck

218bhp

I had a Special Delivery this morning and it was all of the information from GE Money!

It seems that I did indeed have PPI of £1560 on the loan and that I signed to say I wanted it on the application form that Purple Loans (the broker) sent me. However, at the time of application I remember being told that if I diddnt take the PPI I would end up on a much higher APR so the payments would be the same regardless of whether I took the PPI or not.

Knowing nothing about it at the time I took the PPI - after all when you're told it is effectively "free" you're be a fool not to.

The statements make no mention of there being a separate PPI payment each month and it looks like it was simply added to the loan amount - The application form shows the amount I requested + the PPI = the amount I borrowed.

I'm now going to send the PPI Claim letter off to GE Money.

218bhp

OK, I've been looking for the answer to this one over the last week or so (in anticipation of receiving the info from GE)......

How on earth do I calculate the amount that they owe me in my PPI claim letter?

They have kindly sent a copy of my redemption statement from when I settled the loan:

Original sum loaned £14560
Add disbursements +£80
Add interest charged + £3024.48
Total = £17664.48

Less monies received £2766.64
Account balance at settlement = £14897.84

One month's interest on balance £161.39
No. Months early settlement charge £6
Total early settlement charge = £968.34

Settlement figure = £15866.18
Add discharge costs £200

Sum required to redeem = £16,066.18


Now I read this I think I must have been mad - I ended up paying more to settle the loan than the original amount that I borrowed!

The loan was taken out before 2005 so if it comes to it, the FOS cant help me much with my claim

I made 17 monthly payments before requesting the settlement data above.

So how on earth do I calculate what they owe me?

Can I claim my £10 SAR payment back too?